Titon Share Discussion Threads

[rainmaker] 14/12/2014 14:18

Hi Mt T, glad to see you're still a shareholder waiting patiently. Re your post 429, exactly ......working capital strain and tax charge is low due to a heavy depreciation charge and capital expenditure but calculated on 22% corporate tax rate.With a growth in UK housebuilding to look forward to and UK institutions eager to capitalise on this,I can't believe we'll be at current levels for too long despite the Market's rather muted response to the results.

regards

[rainmaker] 14/12/2014 14:08

HE-IMHO that's what make this situation so exciting. The UK is still 70% of its business with the firm prospect of a recovery in UK housebuilding on the horizon.Then IMHO there is the realistic prospect of moving the remaining UK "commodity type" business, where Titon are market leaders, overseas to South Korea giving a large fillip to margins. I'm sure this will happen in the near future since it will instantaneously transform the business and make it very profitable at a swoop but it may firstly require Titon losing its independence ie a takeover.Growth in South Korea may slow slightly from 50%+ but since the business has now reached critical mass even fairly modest growth will have a significant impact on overall group profitability.


BTW South Korea is a joint venture with Brownlow.


AIMHO, DYOR

regards

[mr. t] 12/12/2014 16:48

Thanks both for your responses.

[horndean eagle] 11/12/2014 20:07

Barely any UK profits. No idea how it is structured in Korea.

[mr. t] 11/12/2014 16:05

The trend in revenue and profits is good.

I'd prefer better cash flow, although the increase in inventories and receivables can be understandable if they're growing and are looking to reduce lead times for customers. I hope Titon take steps to get more cash through the door though.

Any one have any ideas why the tax charge is so low?

[wad collector] 11/12/2014 10:45

Disappointing to see that even with a bit of volume today the current spread is 73/69.
So the MMs are swallowing 5.7% on trades , though in practice will prob be narrower.

[wad collector] 11/12/2014 08:41

The Statement seems to turn into a party political rant!
This continues to become a more Korean company ; might they consider a Dyson -type move? Hope not.
Good numbers though. Happy to hold.

[sailing john] 11/12/2014 08:39

Bought in 2 trades at 68.4 earlier

Cracking balance sheet

Almost off the radar - I like that!

[eezymunny] 11/12/2014 08:24

Very annoying. I spent a lot of time trying to work out the effect on the bottom line of recent uplift in trading....and came out with a signif lower number. Sold some a few days ago...clearly a mistake as these numbers are really very good.

As mentioned, the chairman is gloriously understated. Says "underlying trading performance in the United Kingdom has improved in the second half where we have made a small profit" when in fact they've made a very decent profit in the UK in H2 vs market cap.

It really is very cheap here if they can keep this up.

[interceptor2] 11/12/2014 08:24

For transparency after my earlier comments, I must advise that I decided to sell my holdings this morning. It is more of a matter of rebalancing my portfolio to more liquid stocks.

Results here should be looked on favourably by the market, and I hope Titon do well for investors here.

[red army] 11/12/2014 08:11

This is ridiculous.

What a set of results and only a small movement in the price.

I guess the weekend press need to get hold of this and run a story for the dividend play as well as cash etc etc

[patviera] 11/12/2014 08:06

Should have 3 digitsFat too cheap

[wjccghcc] 11/12/2014 08:04

It seems like he's saying they're expecting growth in all three divisions, though the growth rate will be lower than last year. However, on a historic PE of 8 and FCF/EV of about 3.5, they're one of the cheapest stocks around. 3.7% dividend yield as well.

[fozzie] 11/12/2014 07:46

Chairmanship statement a bit of a ramble. It's like war and peace. Good results from Korea but slower growth now expected. Interesting to see where the share price goes today.

[interceptor2] 11/12/2014 07:45

The figures were better than I was expecting here, I was expecting 5.35p EPS, so pleasantly surprised to see EPS of 8.52p reported. slightly lower if a normal tax rate applied. I had anticipated revenues at the reported levels, but the margins achieved were stronger.

I had a smile at the Chairman's statement, I prefer a company to be conservative and keep expectations lower, but I would say to put it mildly that the Chairman is a pessimist by nature. ;o)

[patviera] 11/12/2014 07:10

Great figs ton

[someuwin] 05/12/2014 08:09

Chart shows that TON is in a long term uptrend.

[someuwin] 04/12/2014 17:06

11 December 2014 - Preliminary Results

[someuwin] 04/12/2014 16:22

Results should be good. Expect to see a good rise here.

[sonofbanjosinger] 04/12/2014 16:07

A nice looking chart, between November and February last year the price nearly doubled. Looking forward to the results and hopefully a re-rating.

[mr. t] 04/12/2014 13:33

Nice to see a price tick up in the week before results are due.

The stamp duty changes announced yesterday can only help Titon.

And recent UK construction stats are still positive, even if they've cooled a bit from earlier this year.

[profdoc] 21/11/2014 12:00

Sladdjo,
Thank you - more evidence of an improving picture.
Glen

[sladdjo] 21/11/2014 11:50

Good read across from TEM's description of its investment in Hyundai Development: "Measures taken by the South Korean authorities to stimulate the housing market by easing mortgage lending regulations, encouraging the redevelopment of older apartment complexes and reducing the role of the state housing company in favour of private developers, all boosted investor sentiment during the reporting period. We believe that the residential property market has strong long-term prospects as consumer wealth in South Korea grows, and residents look to upgrade their accommodation."

Korean govt ventillation regulation for new builds should help us here.